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Homework answers / question archive / The following table shows the maximum amount of five potential car buyers who are willing to pay for each level of sales
The following table shows the maximum amount of five potential car buyers who are willing to pay for each level of sales. Suppose that the cars are being sold by a car dealer operating as a monopoly (perhaps because there are no other car dealers in the market).
| Maximum amount he or she would pay for the car buyer | |
| Buyer 1 | $45,000 |
| Buyer 2 | $40,000 |
| Buyer 3 | $35,000 |
| Buyer 4 | $30,000 |
| Buyer 5 | $25,000 |
a) If the price of the car is $35,000, the revenue will be $ _____.
b) If the marginal cost of each car is $15,000. The monopolistic car dealer will want to sell _____ cars and the price will be $ _____.
c) In a perfectly competitive market, the number of cars sold would be _____ cars.
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